Why Trump Won’t Start a Real Trade War

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by Bill Bonner NORMANDY, FRANCE – Oh boy… the plot thickens. The New York Times reports: President Trump escalated his trade war with China on Wednesday, ordering his administration to consider more than doubling proposed tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent, as talks between Washington and Beijing remain at … Read more

The original trillion-dollar company was made in China

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Hey Apple, congrats on the big $1T! So the original trillion-dollar company was made in China – PetroChina’s market cap hit $1.1T in 2007 – By the end-2008 it had lost $800b – That was the biggest destruction of shareholder wealth in history (feel better $FB?) #lifecomesatyoufast https://twitter.com/HaidiLun/status/1025220455349682176   “Here are the last two companies … Read more

CULTURE OF CONTEMPT: Politico Reporter Apologizes for ‘Caustic Remarks’ After Mocking Trump Supporters at Florida Rally…. CNN contributor (wrongly) accuses Trump of treason.

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Politico Reporter Apologizes for ‘Caustic Remarks’ After Mocking Trump Supporters at Florida Rally. Politico reporter Marc Caputo faced backlash on Twitter after he mocked President Donald Trump’s supporters for heckling CNN White House correspondent Jim Acosta, calling the president’s supporters “garbage” and saying they didn’t have any teeth. Acosta checked in with CNN host Wolf … Read more

Update on the Rental Bubbles & Crashes in US Cities

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Wolf Richter wolfstreet.com, http://www.amazon.com/author/wolfrichter Asking rents spiral down in Chicago & Honolulu, come unglued in Washington DC, drift lower in New York City, but see double-digit surges in Southern California and many less expensive markets. Let’s start with Chicago and then swing to Southern California to get a flair for the drama on the ground … Read more

Here’s No Point Trying To Make Lefties Happy, Because Not Being Happy Is Key To Their Identity

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Politically correct effort to rename Austin proves Donald Trump was right. “First they came for the Confederate monuments, but who knows where progressive efforts to erase history will end? It is a ‘short hop from the unthinkable to the mandatory.’” IT’S GETTING INTERESTING NOW THAT THE LEFT DOESN’T THINK IT HAS TO LIE ANYMORE: Bernie Sanders Supporters … Read more

Millennials hiring video game coaches for their kids

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Some parents have a new goal in mind for their children: Be good at “Fortnite.” The Wall Street Journal reported this week that parents nationwide have started hiring “Fortnite” coaches to make their children better at the video game, which has risen to popularity in the last year with its battle royale mode. For example, mother … Read more

Rob Reiner: Fox, Breitbart ‘Trafficking in Another Narrative’ – We Might Be in ‘Last Stage of a Civil War’

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Wednesday, on “MSNBC Live with Katy Tur,” actor and director Rob Reiner made the argument that Fox News and Breitbart News Network are “trafficking in another narrative” that is different from outlets such as the Washington Post and the New York Times working to get the truth out and that we “might be the last … Read more

Democrats have gone from “It’s the economy, stupid” to “It’s the stupid economy.”

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Survey: Business Owners Think Trump’s Tariffs Are Awesome #Maga President Donald Trump’s tariffs are very popular with the owners of American businesses. Seventy-one percent of business owners surveyed by UBS Wealth Management Americas support additional tariffs on imports from China. Eighty-eight percent said that China engages in unfair trade practices, according to the UBS Investor Watch survey. … Read more

As Glenn likes to say, I’ll believe global warming is a crisis when the people who tell me it’s a crisis start to act like it’s a crisis themselves.

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PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS: ● Shot: NBC’s Thompson Promises ‘Environmental Civil War’ Over Trump’s Rollback of Regulations. —NewsBusters, today. ● Chaser: NASCAR, NBC announce 10-year deal. —ESPN, July 23, 2013. ● Hangover: Dale Earnhardt Jr. to Sign Multiyear Contract to Be Analyst for NBC in 2018. —Bleacher Report, July 24, 2017. As Glenn likes to … Read more

Motor vehicle sales, Factory orders

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by WARREN MOSLER Highlights Unit vehicle sales proved surprisingly weak in July, at a 16.8 million annualized rate vs 17.2 million in June. This is the lowest rate since August last year but it will be the comparison with June that will pull down forecasts for July’s retail sales report. Vehicles were a valuable contributor to … Read more

Consumer Debt Suddenly Surges in Spain, Banks Love it, But Regulators Begin to Fret

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Bad habits die hard. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. So it is that banks in Spain are once again beginning to significantly relax their lending standards. This includes the resurrection of the 100% mortgage, a high-risk instrument that notoriously helped fuel Spain’s madcap property boom over a decade ago. But it’s in the … Read more

4 in 10 people in California are living below or near the poverty line – Highest poverty rate in the nation

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via latimes: California’s greatest contradiction is almost Dickensian: In a state often cited as home to scores of billionaires, almost 4 in every 10 residents are living at or near the poverty line. Some live in rural regions removed from the state’s economic recovery. Others live in bustling cities or even along the state’s world-famous coastline. … Read more